Published on 4/29/2024 in the Prospect News Structured Products Daily.
New Issue: BofA prices $8 million contingent income callable yield notes on indexes, fund
By Wendy Van Sickle
Columbus, Ohio, April 29 – BofA Finance LLC priced $8 million of contingent income with memory feature issuer callable yield notes due Oct. 28, 2025 linked to the Nasdaq-100 Technology Sector index, Russell 2000 index and Utilities Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 13.2504%, paid monthly, if each underlying asset closes at or above its 80% coupon barrier on the related monthly observation date, plus any previously unpaid coupon.
The securities may be called starting on April 28, 2025 on any quarterly call date.
If the worst performing asset gains or ends above its 80% threshold value the payout at maturity will be par plus the contingent coupon. Investors will lose 1% for every 1% that the worst performing asset declines if it finishes below its threshold value.
The notes are guaranteed by Bank of America Corp.
BofA Securities, Inc. is the agent.
| Issuer: | BofA Finance LLC
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| Guarantor: | Bank of America Corp.
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| Issue: | Contingent income with memory feature issuer callable yield notes
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| Underlying assets: | Nasdaq-100 Technology Sector index, Russell 2000 index and Utilities Select Sector SPDR fund
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| Amount: | $8 million
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| Maturity: | Oct. 28, 2025
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| Coupon: | 13.2504%, paid monthly, if each underlying asset closes at or above its 80% coupon barrier on the related monthly observation date, plus any previously unpaid coupon
|
| Price: | Par
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| Payout at maturity: | If worst performing asset finishes at or above its 80% threshold value, par; 1% loss for every 1% that worst performing asset declines if it finishes below its threshold value
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| Call: | Starting on April 28, 2025 on any quarterly call date
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| Initial levels: | 9,828.82 for Nasdaq, 2,002.643 for Russell, $66.34 for Utilities Select
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| Downside thresholds: | 7,863.06 for Nasdaq, 1,602.114 for Russell, $53.07 for Utilities Select, 80% of initial level
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| Coupon barriers: | 7,863.06 for Nasdaq, 1,602.114 for Russell, $53.07 for Utilities Select, 80% of initial level
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| Pricing date: | April 23
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| Settlement date: | April 26
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| Agent: | BofA Securities, Inc.
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| Fees: | 0.75%
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| Cusip: | 09711BS31
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